2005 Idaho Code - 33-2123 — OPERATION NOT FOR PROFIT

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 21
                               JUNIOR COLLEGES
    33-2123.  OPERATION NOT FOR PROFIT. It is hereby declared to be the policy
of this state that each dormitory housing commission shall manage and operate
or contract for the operation or management of its dormitory housing project
in an efficient manner so as to enable it to fix the rentals to students at
said junior college at the lowest possible rates consistent with providing
decent, safe and sanitary accommodations, and no dormitory housing commission
shall construct or operate any such project for profit or as a source of
revenue to the junior college district; provided, however, that such
commission shall fix the rentals for such dormitory at no higher rates than it
shall find necessary in order to produce revenues (a) to pay, as the same
become due, the principal and interest on the bonds of the commission, (b) to
meet the cost of and to provide for maintaining and operating the projects
(including the cost of any insurance) and the administrative expenses of the
commission; and (c) to create (during not less than the six (6) years
immediately succeeding its issuance of any bonds) a reserve sufficient to meet
the largest principal and interest payments which will be due on such bonds in
any one year thereafter, and to maintain such reserve.